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Chapter 31.12 RCW

WASHINGTON STATE CREDIT UNION ACT

RCW Sections

31.12.003Findings -- Intent -- 1997 c 397.
31.12.005Definitions.
CREDIT UNION ORGANIZATION
31.12.015Declaration of policy.
31.12.025Use of words in name.
31.12.035Application for permission to organize -- Approval.
31.12.055Manner of organizing -- Articles of incorporation -- Submission to director.
31.12.065Bylaws -- Submission to director.
31.12.075Approval, denial of proposed credit union -- Appeal.
31.12.085Filing upon approval -- Fee -- Notice to director -- Authority to commence business.
CORPORATE GOVERNANCE
31.12.105Amendment to articles of incorporation -- Approval of director -- Procedure.
31.12.115Amendment to bylaws -- Approval of director required -- Procedure.
31.12.185Annual membership meetings.
31.12.195Special membership meetings.
31.12.225Board of directors -- Election of directors -- Terms -- Vacancies -- Meetings -- Rules.
31.12.235Directors -- Qualifications -- Operating officers and employees may serve.
31.12.246Removal of directors -- Interim directors.
31.12.251Removal of directors -- No quorum.
31.12.255Board of directors -- Powers and duties.
31.12.265Officers.
31.12.267Directors and officers -- Fiduciary duty -- Information relied on.
31.12.269Directors and committee members -- Limitations on personal liability -- Exceptions.
31.12.285Suspension of members of board or supervisory committee by board -- For cause.
31.12.326Supervisory committee -- Membership -- Terms -- Vacancies -- Operating officers and employees may not serve.
31.12.335Supervisory committee -- Duties.
31.12.345Suspension of members of a committee or members of the board by supervisory committee -- For cause.
31.12.365Directors and supervisory committee members -- Compensation -- Reimbursement -- Rules.
31.12.367Risk -- Bond coverage -- Notice to director.
31.12.372Director may suspend any person, reason -- Notice -- Injunctions.
MEMBERSHIP
31.12.382Limitation on membership.
31.12.384Membership.
31.12.386Voting rights -- Methods -- Proxy -- Under eighteen years of age.
31.12.388Expulsion of member -- Challenge -- Share and deposit accounts.
POWERS OF CREDIT UNIONS
31.12.402Powers.
31.12.404Additional powers -- Powers conferred on federal credit union -- Authority of director.
31.12.408Insurance required after December 31, 1998 -- Federal share insurance program or an equivalent share insurance program -- Director's findings.
31.12.413Low-income credit unions -- Director's approval required -- Powers -- Rules.
MEMBERS' ACCOUNTS
31.12.416Shares and deposits governed by chapter 30.22 RCW -- Limitation on shares and deposits -- Notice of withdrawal -- Lien rights.
31.12.418Dividends.
LOANS TO MEMBERS
31.12.426Loans -- Secured or unsecured loans.
31.12.428Limit on loan amount.
INVESTMENTS
31.12.436Investment of funds--When investment later becomes impermissible.
31.12.438Investment in real property or leasehold interests--Limitations -- Future expansion--Rules.
MERGERS, CONVERSIONS, AND VOLUNTARY LIQUIDATIONS
31.12.461Mergers.
31.12.464Merger or conversion of state into federal, out-of-state, or foreign credit union, or other type of financial institution.
31.12.467Merger or conversion of federal, out-of-state, or foreign to state credit union.
31.12.471Authority of out-of-state or foreign credit union to operate in this state -- Conditions.
31.12.474Liquidation -- Disposition of unclaimed funds.
EXAMINATION AND SUPERVISION
31.12.516Powers of director.
31.12.518Powers of director under chapter 19.144 RCW.
31.12.545Examinations and investigations -- Reports -- Access to records -- Oaths -- Subpoenas.
31.12.565Examination reports and specified other information confidential -- Exceptions -- Penalty.
31.12.567Reports -- Financial and statistical data -- As required by director.
31.12.569Generally accepted accounting principles.
31.12.571Notice of intent to establish branch -- Another state or foreign jurisdiction.
31.12.575Removal or prohibition orders -- Director's authority -- Notice.
31.12.585Prohibited acts -- Notice -- Cease and desist order.
31.12.595Temporary cease and desist order -- Notice -- Principal place of business -- Superior court.
31.12.625Administrative hearing -- Procedures.
31.12.630Authority of director to call special meeting of board.
31.12.633Authority of director to attend meetings of the board.
31.12.637Intervention by director -- Conditions.
31.12.641Supervision by director -- Notice -- Compliance -- Costs.
31.12.644Supervision by director -- Certain acts prohibited.
31.12.647Supervision by director -- Credit union request for review.
31.12.651Conservator -- Authorized actions -- Costs.
31.12.654Actions by conservator -- Review.
31.12.657Lawsuits during period of conservatorship.
31.12.661Conservator serves until purposes are accomplished.
31.12.664Liquidation -- Suspension or revocation of articles -- Placement in involuntary liquidation -- Appointment of liquidating agent -- Notice -- Procedure -- Effect.
31.12.667Order directing involuntary liquidation -- Procedure.
31.12.671Receivership -- Appointment of receiver by director -- Notice -- Act without bond.
31.12.674Receiver may be required to show cause -- Principal place of business -- Superior court.
31.12.677Powers and duties of receiver.
31.12.681Claims against credit union in receivership -- Notice.
31.12.684Receiver shall inventory assets -- File lists of assets and claims -- Objections to approved claims.
31.12.687Expenses incurred by receiver.
31.12.691Liquidation dividends -- Approval of court.
31.12.694Remaining assets -- Distribution.
31.12.697Unclaimed liquidation dividends.
31.12.701Personal property -- Receiver's duties.
31.12.704Proceeds of sale -- Deposit or payment by receiver.
31.12.707Completion of receivership -- Merger, purchase, or liquidation -- Secretary of state.
31.12.711Director may terminate receivership -- Expenses.
31.12.714Receivership files.
31.12.717Pendency of proceedings for review of appointment of receiver -- Liabilities of credit union -- Availability of relevant data.
31.12.721Appointment by court of temporary receiver -- Notice to director.
31.12.724Actions that are void -- Felonious conduct -- Penalties.
31.12.726Conservator or receiver may terminate or adopt executory contracts -- Timing -- Binding terms -- Liability.
31.12.728Applicability of general receivership law.
MISCELLANEOUS
31.12.850Prohibited acts -- Criminal penalties.
31.12.853Prohibited acts -- Civil penalties -- Rules.
31.12.860Taxation of credit unions.
31.12.890Satellite facilities.
31.12.891Automated teller machines and night depositories security.
31.12.902Short title.
31.12.906Effective date -- 1997 c 397.
31.12.907Severability -- 1997 c 397.
31.12.908Severability -- 2001 c 83.
31.12.909Construction -- Chapter applicable to state registered domestic partnerships -- 2009 c 521.
31.12.910Effective date -- 2010 c 87.

Notes:

Business license system exemption: RCW 19.02.800.

Credit unions as public depositories: RCW 39.58.240.

Fairness in lending act: RCW 30.04.500 through 30.04.515.